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  "documentTitle": "Pershing Square | Activist Presentation Deck | 110 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Capital Management",
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  "presentationDate": "2014-04-01 00:00:00",
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      "kind": "callout",
      "text": "Several large portfolios of durable OTC products have been sold in the last ten years",
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      "text": "Source: Capital IQ and Wall Street research. Net Income multiples represent multiples of tax-effected EBIT excluding synergies. (1) Multiples adjusted downward for a hypothetical 25% control premium.",
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      "text": "Transaction data table with columns: Announced Date, Asset, Buyer, Price ($bn), xForward Net Income (Reported, Adj. for 25% Premium)",
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      "text": "Durable Portfolio: Healthcare Transaction Comparables",
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      "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity",
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